Reverse Mortgage Info for Real Estate Professionals

Are you a Real Estate Professional looking to increase your sales?   Would you like to have the ability to have 2 transactions for each sale you do?  Would it be helpful to know that, with this product, there won’t be 11th-hour crunches because a borrower quit, or lost, his/her job?  Do you work, or would you like to work, with the senior population?  

​The HECM (Reverse Mortgage) for Purchase (H4P) 

This program was approved by Congress in 2008 and has been growing, year by year, ever since.  Two popular senior communities in the country report that their sales have increased by over 20% since they started accepting clients who purchase with a reverse mortgage.  AND, borrowers using a Reverse Mortgage can typically qualify for a higher purchase price than those using a conventional loan.

You may be wondering why a senior would move after having lived in a home for 20, 30, 40, and sometimes even 50 years. Seniors currently have over $11.48 trillion in equity in their homes, and you would be surprised to know that many seniors choose to sell their long-time home and purchase another one in their retirement years…why?

• Give up the big 2 or 3-story home and move to a maintenance-free property.
  
• Move closer to children or grandchildren.
  
• Move to a community that has planned activities available where they can meet other seniors and continue to be active as they age.
  
• Move up to a newer home.
  

 What type of properties can be purchased using the H4P Program?

• ​SFR
• Duplex, tri-plex, or 4-plex, as long as the borrower will be living in one of the units.
  
• Townhome
  
• Condo (as long as the project is FHA approved, or we can obtain a single FHA approval for their particular unit; both of these need cooperation from the HOA).
  
• FHA-approved manufactured home (certain stipulations apply)
  

The Reverse Mortgage cannot be used when a buyer is moving into a Senior Community where they do a “buy-in”.   Also, ANY Reverse Mortgage must be owner-occupied.  A Reverse Mortgage cannot be used to purchase an investment property. 

If you think you would like to add the H4P product to your portfolio, please reach out to me to learn more about this valuable addition to the Real Estate industry.

Realtors: Need 3 CE Credit?

I am approved by DORA to teach a 3-hour (3 CE credit) class to Real Estate Professionals on the HECM for Purchase Program.  Please contact me to either get on the list for an upcoming class or to schedule a class specifically for your office (minimum of 10 participants).  ALL CLASSES ARE HELD VIA ZOOM.

It is my honor to educate you, or your agents, and help you increase your business using a Reverse Mortgage.
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Reverse Mortgage Colorado

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